Deutsche Bank downgraded Freeport-McMoRan (NYSE: FCX) from Buy to Hold with a price target of $12.50. The downgrade was tied to valuation.

Analyst Chris Terry said, "Freeport-McMoRan has announced that the previously disclosed (early May) $2.65bn cash sale of its 56% effective stake in Tenke Fungurume to China Molybdenum Co., Ltd. is now complete. There had been some initial delays/uncertainties with the transaction, so we view the announcement positively. In-line with our thesis, Freeport's balance sheet continues to transform. Including a further ~$2.5bn from O&G assets sales expected to close in the next month, we forecast $12.1bn Net Debt at YE16 (vs $17.9bn at 3Q16). Our $12.50/sh (1x NPV) is unchanged, however, we downgrade to Hold on valuation following the strong recent share price performance."

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